CryptoWorld News reports that Coinbase CEO and co-founder Brian Armstrong announced on social media Tuesday that, due to market conditions and the AI transformation, the company will lay off approximately 14% of its staff, about 660 employees. Armstrong explained the reason for the layoffs in an email to all employees, stating that the current market is in a downturn and that cost structure adjustments are needed to become more efficient during future growth phases. He also mentioned that artificial intelligence is changing Coinbase's operations, with engineers using AI over the past year to complete work that previously took weeks in just a few days. Laid-off employees in the United States will receive at least 16 weeks of base salary, plus two additional weeks of severance pay for each year worked.